U.S. Senate Banking Committee Chair discusses future of digital asset regulation, calls for more legislative action

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On August 19, U.S. Senate Banking Committee Chairman Tim Scott (R-SC) spoke at a blockchain symposium where he outlined recent legislative progress and future plans for digital asset regulation. He highlighted the committee’s work advancing the GENIUS Act, signed into law by President Trump on July 18, and announced plans to move market structure legislation for digital assets through Committee in September.

Scott emphasized the importance of competition, a supportive regulatory environment, and attracting capital to foster increased innovation in the U.S. financial system. He pointed to the intragovernmental cooperation among the Trump administration, the House Financial Services and Senate Banking committees, and the Fed as instrumental in advancing digital asset legislation and regulatory initiatives.

Scott noted that executive action alone was insufficient; he highlighted the need for continued bipartisanship to advance regulatory solutions and position the U.S. as a leader in digital asset innovation.

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